Shares in exploration company Providence Resources sank today after it said it has deferred an appraisal/exploration well at its Spanish Point site.
The work is deferred pending discussions with its partners and the Government, the company said.
Providence's CEO Tony O'Reilly said the delay to drilling follows "recent unforeseen changes" to the make-up of the joint venture and the consequent delay to the securing of equipment and other necessary requirements.
"As stated previously, Providence's involvement in the well was subject not only to equipment availability, but also to either further financing or concluding a farm out with a third party company," Mr O'Reilly said.
He added that talks with interested third parties in relation to Spanish Point continue and further announcements will be issued, as appropriate.
Shares in the company fell by 12.2% in Dublin trade today.
